EXHIBIT 12.1
SYRATECH CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS
BEFORE FIXED CHARGES TO FIXED CHARGES
(in thousands, except ratios)
Nine Months Ended
Year Ended December 31, September 30,
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Pro forma Pro forma
1991 1992 1993 1994 1995 1995(2) 1995 1996 1996(3)
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Excess (deficiency) of earnings
available to cover fixed charges (1)
Earnings:
Income (loss) before income taxes $4,836 $6,276 $9,446 $10,617 $20,039 $(4,813) $12,523 $28,799 $(188)
Add: Fixed charges 3,101 3,307 1,482 1,155 894 20,806 681 3,512 19,868
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Earnings, as adjusted 7,937 9,583 10,928 11,772 20,933 15,993 13,204 32,311 19,680
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Fixed charges:
Interest on indebtedness 2,474 2,757 948 559 287 18,551 212 2,083 17,373
Amortization of debt issuance costs -- -- -- -- -- 1,407 -- -- 1,056
Portion of rents representative of the
interest factor 627 550 534 596 607 848 469 1,429 1,439
------ ------ ------ ------- ------- ------- ------- ------- ------
Fixed charges 3,101 3,307 1,482 1,155 894 20,806 681 3,512 19,868
------ ------ ------ ------- ------- ------- ------- ------- ------
Excess (deficiency) of earnings to fixed
charges $4,836 $6,276 $9,446 $10,617 $20,039 $(4,813) $12,523 $28,799 $(188)
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Ratio of earnings to fixed charges 2.6x 2.9x 7.4x 10.2x 23.4x -- 19.4x 9.2x --
(1) For purposes of these computations, earnings consist of income (loss)
before income taxes plus fixed charges. Fixed charges consist of interest
on indebtedness and amortization of debt issuance costs, plus that
portion of operating lease rental expense representative of the interest
factor. The pro forma ratio of earnings to fixed charges is not shown for
the year ended December 31, 1995 and for the nine months ended September 30,
1996 due to a deficiency of earnings to fixed charges.
(2) Includes the impact of the Recapitalization, the Rauch Acquisition, the
Katy Stock Repurchase and the Syroco, Inc. Disposal.
(3) Includes the impact of the Recapitalization and the Rauch Acquisition.